Southeast Asia never boasted a $1 billion investment fund. Until now.
On 2 March 2020, Sea Ltd—the Singapore-based firm behind games business Garena and e-commerce service Shopee—announced its annual results. The numbers were impressive, with annual sales doubling to US$4.4 billion. But a brief, 186-word update announcing the establishment of Sea Capital—its maiden fund of US$1 billion—unveiled a new strategy that could be potentially disruptive.
“Sea Capital will focus on partnering with entrepreneurs using technology to better serve consumers and small businesses,” is all Sea disclosed on its strategy. Sea declined to provide further information for this story.